Global energy demand to grow 35% by 2030 - ExxonMobil

15 November 2010 05:12  [Source: ICIS news]

SINGAPORE (ICIS)--Global energy demand for all fuels is expected to grow by 35% by 2030 from 2005 as the world economy doubles, US oil major ExxonMobil said on Monday. 

David Reed, a senior energy advisor at the company's corporate strategic planning department, said energy usage was expected to be more efficient in the future.

Although China's economy was projected to grow by five times in the same period, energy demand would just double, primarily because of efficient use of energy resources, ExxonMobil said in its "The Outlook for Energy – a view to 2030" report.

The report estimated world population would be 8bn in 2030 and global GDP would increase by around from 2005, with energy supply being a mix of fossil fuels, nuclear and renewable sources.

Oil would continue to be the most in demand, followed by gas and then coal. Annual growth in demand of all fuels was estimated to average 1.2% from 2005 to 2030, according to the report.

The Asia Pacific region would see a major increase in energy demand, compared to North America and Europe, with China and India leading the way.

While coal consumption for power generation in the US and Europe was expected to decline by 2030, it would be rising in Asia Pacific, the report said .

However, the share of coal as a power generation in fuel was expected to fall in Asia Pacific, while the share of natural gas, nuclear, and wind was expected to increase, the report added.

Global demand for oil would be rising from 2005 at an average of 0.7% annually to reach about 200 quadrillion (200,000,000bn) British thermal units (Btu) in 2030, while gas demand would grow an average of 2.0% per year to reach about 165 quadrillion Btu, the report stated.

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By: Tahir Ikram
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